Monday, January 28, 2008

Financial Markets and Public Sector losses

A remote seaport town in Norway lost $64 million—a quarter of its annual budget—on bad investment products created by Citigroup. On Monday, The Boston Globe reported on another money-losing municipality: Springfield, Mass., a struggling city of about half a million people in the southwestern corner of the state, which lost nearly $13 million on risky mortgage-backed securities created by Merrill Lynch.

-Another City Where C.D.O. Spelled Trouble

No comments: